Bitcoin To $10 Million? Co-Founder of Blockstreams Thinks So
Sometimes we enter the world of the zany.
In this video I discuss how Adam Back believes that the doubling of Bitcoin each year, on average, would lead to a price of $10 million in a decade. This is based upon nothing more tha nthe past but is a theory held by many.
Here is a link to the article discussed:
▶️ 3Speak
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Yeah, wouldn't that be nice... Like the Moore's law 💯👍
Gonna need to see some serious adoption and scarcity increase. Not probable, but possible...and most likely not in our lifetimes.
That would highly depend on how strong the market is for it and how long people are willing to hold onto Bitcoin waiting for implementation. I'd say a large aspect of Bitcoin is speculation so the question is, how long can speculation be profitable?
Speculation is profitable so long there is a bigger fool 😹
Well that is also a very true point, as long as the media promotes so the bags keep pumping
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I don't think it will continue doubling forever. At some point, it won't because it requires the money to come in. If that did happen, I guess it would mean that someone was controlling way too much BTC.
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Summary:
In this video, Task discusses a forecast made by Adam Beck, the co-founder of Blockstream, regarding the price prediction of Bitcoin. Beck predicts a value of $10 million per Bitcoin over the next 10 years, based on historical doubling trends. Task delves into the challenges and limitations of such a forecast, emphasizing the unpredictability of markets and the unrealistic nature of Bitcoin reaching such astronomical values. He critiques the concept of hyper Bitcoinization, highlighting Bitcoin's inefficiencies as a network and its unsuitability for certain financial applications like short-term lending. Task concludes by expressing skepticism towards Bitcoin reaching a million-dollar valuation and questions the sustainability of such high prices.
Detailed Article:
Task starts the video by introducing Adam Beck's forecast on Bitcoin's price prediction, which is based on historical doubling trends. The forecast suggests a value of $10 million per Bitcoin over the next 10 years, projecting a market cap exceeding $20 trillion. Task acknowledges the fascination with such projections but cautions against taking them too seriously due to the inherent unpredictability of markets.
He discusses the historical growth trajectory of Bitcoin, highlighting the challenges of achieving exponential growth as the market cap increases. Task emphasizes the diminishing feasibility of growth with larger market caps, illustrating the difficulty of reaching astronomical values like $10 million per Bitcoin.
The concept of hyper Bitcoinization is critiqued by Task, who argues that Bitcoin is unlikely to dominate the entire financial system due to its limitations as a network. He challenges the idea that Bitcoin will replace traditional financial instruments entirely, pointing out Bitcoin's inefficiencies in areas like short-term lending and collateralization.
Task addresses the scalability and efficiency issues of Bitcoin, pointing out its slow transaction speeds, high costs, and volatility. He questions the sustainability and practicality of Bitcoin becoming a mainstream financial asset, especially in the context of competing with traditional financial systems.
Furthermore, Task discusses the role of Bitcoin as a store of value akin to digital gold but raises concerns about its suitability as a currency or medium of exchange for high-volume transactions. He compares Bitcoin to gold, highlighting the challenges of settling large transactions using physical assets like gold.
The video concludes with Task expressing skepticism towards Bitcoin reaching a million-dollar valuation and questioning the sustainability of such high prices. He draws parallels with the oil market, suggesting that extreme valuations may not be sustainable in the long run. Task emphasizes the uncertainty of forecasts and the need to approach price predictions with caution in the volatile cryptocurrency market.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.